Comerica announces 1,890 layoffs
DETROIT (AP) _ Comerica Inc. plans to lay off about 1,890 workers over the next 15 months as part of efforts to streamline operations.
Eugene A. Miller, the bank’s chairman and chief executive, made the announcement Wednesday while touting the final phase of a plan to lower overhead costs and lift revenues by $110 million annually starting next year.
``Regrettably, as we streamline processes ... a number of employees throughout the corporation will be displaced,″ he said in a statement.
Detroit-based Comerica expects to achieve the layoffs by a combination of attrition, hiring limits and reinvestment.
Comerica spokesman Wayne Mielke said the company’s 12,000 positions will be scrutinized for possible layoffs through February.
``Right now, managers throughout the company are selecting the employees who will fill positions in the new organizational structures here,″ Mielke said.
The ideas to streamline the bank’s operations came from a group of employees. Among them: eliminating a third of paper forms with electronic forms, simplifying investment services, automating loan documentation and giving branch employees more authority and less clerical work to better serve customers.